Written by: Frank Fazio
We have been fielding a number questions on Bitcoin lately so we wanted to provide our thoughts on this digital currency, otherwise known as cryptocurrency. Bitcoin was created back in 2009 to allow online transactions directly between two parties, cutting out financial institutions in the process. It was created using Blockchain technology, a network of computers linked together that approve, verify and record each transaction that happens on an exchange. Bitcoins can be used to buy merchandise anonymously, and international payments can be made cheaply and easily, as they are not tied to a specific country or subject to regulations. Therefore, there are no transaction costs such as wire fees, credit card fees, etc.